TJX, Visa Ink $41M Settlement Over Security Breach

Law360, New York (November 30, 2007, 12:00 AM EST) -- TJX Cos. Inc. said Friday that it has drawn up a settlement plan with Visa Inc. and Fifth Third Bancorp over what's been called the largest data security breach in U.S. history.

Under the settlement, the Framingham, Mass.-based retailer has agreed to pay up to $40.9 million to U.S. issuers of Visa cards potentially affected by unauthorized intrusions into the company's computer system that exposed at least 45 million customer credit and debit card numbers to hackers. Some estimates from issuing banks have put the number...
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